The ever increasing popularity of social trading has seen a proliferation of social trading networks. While social trading is currently dominated by a number of big players most notably eToro and ZuluTrade, entrepreneurs have seen an opportunity to move into the world of social trading. Entering this growing market is ForexGlobes founded by Eliav Kordova, with the network seeking to differentiate itself from the competition by being server based which should lead to lower latency, less slippage and fewer failed trades. Today we are going to take a look at ForexGlobes and see how it compares to the competition.
How Does It Work?
ForexGlobes is a broker independent social trading network which means that traders can choose between a range of regulated brokerages. Currently, the network only supports a number of brokerages, with the platform supporting FXCC, FXCM, AVA FX (aka AvaTrade), ForexYard, Markets.com, FXDD, FXSol and Forex.com. While the platform may expand the range of supported brokerages founder Eliav Kordova has said that the move is very deliberate. Being a server side solution the ForexGlobes software has to be installed directly onto the brokerages platform and the platform wished to build strong relationships with the supported brokerages to ensure the best execution for the platforms clients.
Traders can analyze the performance of traders on the platform through detailed stats and keep up to date with what other traders using the platform are doing through the news feed. The social hub makes it very easy to see all the activity that is being undertaken on the platform and the platform has a sleek and easy to use design. The copy trader functionality allows you to automatically copy traders other trader’s positions. You are able to set minimum and maximum trading size, as well as limiting your copying activity to certain instruments.
As with other networks ForexGlobes receives its revenue in the form of reimbursements from the supported brokerages. Presumably users of the platform will receive some sort of commission if their positions are actively copied by live users, however as the site is still in its Beta stage there is no information regarding what kind of rebate users might receive.
Does It Work?
Currently the platform is very much in its infancy and the network appears to be very quiet in terms of trading activity. This may be due to the fact that at the time of writing ForexGlobes was still in its Beta stage. With this being said the platform has a lot of promise and the platform boasts and impressive and user friendly interface. As the network continues to grow imagine a number of successful traders will be attracted to the platform in order to share their trading strategies with ForexGlobes growing user base.
ForexGlobes is a very promising social trading network offering traders a server based solution which in theory should lead to less slippage, better execution and a better social trading experience. The network offers a decent range of supported brokerages and allows users to easily indentify traders worth copying. Whether ForexGlobes will take off depends whether the owners can attract an active user base, with the company facing a lot of competition from some very well established entities.